OppenheimerFunds Inc. Has $40.49 Million Position in Coach Inc (COH)

OppenheimerFunds Inc. increased its stake in Coach Inc (NYSE:COH) by 1,335.1% during the first quarter, Holdings Channel reports. The fund owned 979,553 shares of the luxury accessories retailer’s stock after buying an additional 911,298 shares during the period. OppenheimerFunds Inc.’s holdings in Coach were worth $40,485,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Peloton Wealth Strategists bought a new position in shares of Coach during the third quarter valued at $2,340,000. Cognios Capital LLC raised its position in Coach by 2.6% in the third quarter. Cognios Capital LLC now owns 27,940 shares of the luxury accessories retailer’s stock valued at $1,021,000 after buying an additional 711 shares during the last quarter. Pioneer Investment Management Inc. acquired a new position in Coach during the third quarter valued at approximately $26,168,000. Verition Fund Management LLC acquired a new position in Coach during the third quarter valued at approximately $910,000. Finally, Gerstein Fisher acquired a new position in Coach during the third quarter valued at approximately $283,000. Institutional investors and hedge funds own 87.23% of the company’s stock.

Institutional Ownership by Quarter for Coach (NYSE:COH)

Coach Inc (COH) traded up 0.34% during midday trading on Tuesday, reaching $46.72. The company’s stock had a trading volume of 2,024,792 shares. The firm has a 50 day moving average price of $43.37 and a 200 day moving average price of $39.11. Coach Inc has a 1-year low of $34.07 and a 1-year high of $46.83. The firm has a market capitalization of $13.13 billion, a PE ratio of 25.23 and a beta of 0.49.

Coach (NYSE:COH) last announced its quarterly earnings results on Tuesday, May 2nd. The luxury accessories retailer reported $0.46 earnings per share for the quarter, beating analysts’ consensus estimates of $0.44 by $0.02. Coach had a return on equity of 17.19% and a net margin of 12.28%. The firm had revenue of $995.20 million for the quarter, compared to analysts’ expectations of $1.02 billion. During the same period in the prior year, the business posted $0.44 earnings per share. The business’s revenue was down 3.7% compared to the same quarter last year. On average, analysts predict that Coach Inc will post $2.15 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 5th. Shareholders of record on Friday, June 9th will be given a $0.3375 dividend. This represents a $1.35 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date is Wednesday, June 7th. Coach’s dividend payout ratio (DPR) is 74.18%.

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Several research firms recently commented on COH. Piper Jaffray Companies raised their price target on shares of Coach from $47.00 to $52.00 and gave the company an “overweight” rating in a report on Tuesday, May 30th. Robert W. Baird restated an “outperform” rating and issued a $50.00 price target (up previously from $48.00) on shares of Coach in a report on Monday, May 15th. Deutsche Bank AG upgraded shares of Coach from a “hold” rating to a “buy” rating and raised their price target for the company from $40.00 to $54.00 in a report on Monday, May 15th. Credit Suisse Group AG restated an “outperform” rating and issued a $55.00 price target (up previously from $46.00) on shares of Coach in a report on Monday, May 15th. Finally, Goldman Sachs Group Inc upgraded shares of Coach from a “neutral” rating to a “buy” rating and raised their price target for the company from $40.00 to $55.00 in a report on Tuesday, May 9th. One analyst has rated the stock with a sell rating, nine have given a hold rating and twenty have issued a buy rating to the company’s stock. Coach presently has a consensus rating of “Buy” and a consensus price target of $46.56.

In other Coach news, insider Andre Cohen sold 10,087 shares of the company’s stock in a transaction on Friday, May 12th. The stock was sold at an average price of $45.35, for a total value of $457,445.45. Following the sale, the insider now directly owns 46,186 shares in the company, valued at $2,094,535.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Sarah Dunn sold 7,595 shares of the company’s stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $46.07, for a total value of $349,901.65. Following the completion of the sale, the insider now owns 74,627 shares in the company, valued at $3,438,065.89. The disclosure for this sale can be found here. Insiders sold 44,359 shares of company stock worth $2,023,928 over the last quarter. Company insiders own 0.81% of the company’s stock.

About Coach

Coach, Inc (Coach) is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. Its segments include North America, International and Stuart Weitzman. The North America segment includes sales of Coach brand products to North American customers through Coach-operated stores (including the Internet) and sales to North American wholesale customers.

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